Backlog DeclineThe backlog in the year-ago period was $44.3 million, indicating a significant decrease to the current backlog of $19.1 million.
Operating LossThe GAAP operating loss for the Thermal Processing Solutions segment was $8.40 million in the March quarter versus an operating income of $2.87 million in the prior quarter.
Revenue ForecastThe Company now expects second quarter revenues in the range of $15 - $16 million, and nominally negative adjusted EBITDA, compared to the original second quarter guidance of $21 - $23 million revenue and nominally positive adjusted EBITDA.